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☆ What to expect from the July jobs report: Steady, but cooler growth
▼ + stars: | 2023-08-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Despite Tuesday’s credit rating downgrade amid concerns about the challenges facing the United States, markets and economists are expecting another solid jobs report on Friday. And while economic data isn’t typically the sexiest of topics, the monthly jobs report has in recent months delivered plenty of excitement and its fair share of surprises. Come Friday, the government’s jobs report for this July might not end up being quite so shocking. In fact, it could be relatively humdrum: A slight cooling in job growth, and unemployment holding steady. The broader economic scorecard for the United States makes the downgrade all the more “bizarre” and puzzling, noted top economists, including Treasury Secretary Janet Yellen.

Persons: ”, Daniel Zhao, Refinitiv, Chris Rupkey, That’s, Michael Gapen, Janet Yellen, Glassdoor’s Zhao, ” Zhao, there’s, ” Andy Challenger, Challenger, Gus Faucher, they’re, Becky Frankiewicz, “ Organizations: Minneapolis CNN, Glassdoor, Bank of America, ” Bank of America, Fitch, Challenger, “ Companies, PNC Financial Services Group, CNN, Labor Statistics, BLS, “ Employers, ManpowerGroup Locations: Minneapolis, United States

☆ The rise of gig workers is changing the face of the US economy
▼ + stars: | 2023-07-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +9 min

The number of gig workers is growing and making an impact throughout the economy. But workplace experts say the number of gig workers is growing, and and their impact is being felt throughout the economy. “People who have access to the gig economy borrow less money than people who don’t. Working in the gig economy can help people spend more time searching for their next job, if they've been laid off. “We could do so much better.”Recently, local governments have attempted to bolster platform gig workers’ protections.

Persons: Los Angeles CNN — Lazarus, ”, that’s, Eric Baradat, Louis Hyman, Uber, DoorDash, Jenn Rosenberg, Hyman, “, Erica Groshen, they've, Spencer Platt, Doordash, Susan Houseman, Groshen, we’ve, ” Groshen, they’re Organizations: Los Angeles CNN, Uber, CNN, DoorDash, Getty, of Labor Statistics, Cornell University, “ Society, University of Chicago, IRS, Bureau of Labor Statistics, Massachusetts Institute of Technology, BLS, . Upjohn Institute, Employment Research, North, New York City, Federal Reserve, Federal, System Locations: Hill , North Carolina, “, United States, AFP, DoorDash, Kalamazoo , Michigan, North America, New York, California

☆ Barbie, Nike Air, Cheetos, Mario: Why Movies Are All About Brands Now
▼ + stars: | 2023-07-20 | by ( Jared Holst | ) www.businessinsider.com time to read: +8 min

But the release of half a dozen movies about brands — Barbie, Flamin' Hot Cheetos, Tetris, Nike Air, BlackBerry, and Beanie Babies — in six months isn't just the result of Hollywood groupthink and coincidence. But just as these brand-centric movies ring hollow, so does the gig economy they're catering to. While the plot isn't about the making of Barbie, Barbie and Ken do step outside Barbie Land to peek behind the curtains of their creation.) As more companies look to gig workers to replace full-time jobs, more workers take up gig work. As the economy continues to emphasize the importance of self-branding through gig work, brand movies will continue to resonate.

Persons: Ryan, — Barbie, Flamin, isn't, Barbie, doggedly, Zach Galifianakis, Ty Warner, Ken, Margot Robbie, Ryan Gosling, Ben Affleck, —, it's, hadn't, they'd, it'd, Jared Holst, Jared Organizations: Nike Air, BlackBerry, Hollywood, Hulu, Mattel, Federal Trade Commission, Amazon, Economic, Institute, Brands Locations: American, New York, Brooklyn

☆ Opinion | Don’t Let Inflation Bury the Memory of a Government Triumph
▼ + stars: | 2023-07-20 | by ( Bryce Covert | ) www.nytimes.com time to read: +1 min

The recession caused by the Covid-19 pandemic was the shortest on record, thanks to rapid, robust and bipartisan congressional action. Americans were made whole by their government, which staved off what otherwise would have been mass financial suffering. But by the time Dr. Shaefer testified, inflation had begun to rise, sucking all the air out of the room. Inflation hawks blamed the pandemic response for driving up consumer demand, which, in their telling, drove up prices, causing pain for many people as the cost of food, rent and other necessities rose. The fracas over inflation risks memory-holing the concrete proof that the federal government is fully capable of keeping Americans afloat when the economy sinks.

Persons: ” H, Luke Shaefer, Shaefer, J.W, Mason, we’ll Organizations: University of Michigan, John Jay College of Criminal

☆ A California state senator is calling for a labor investigation into $12B HR startup Deel over 'brazen employment misclassification' after Insider's reporting
▼ + stars: | 2023-07-06 | by ( Rob Price | ) www.businessinsider.com time to read: +6 min

$12 billion HR startup Deel is facing calls for a California Secretary of Labor investigation. Multiple California state senators criticized Deel for misclassifying workers, citing reporting from Insider. The company is heavily reliant on independent contractors, Insider previously reported. A California senator is calling for the state's Secretary of Labor to investigate Deel, a buzzy San Francisco-based HR startup valued $12 billion, over "brazen employment misclassification." 17 current or former Deel workers had told Insider in March that they had concerns the company may be misclassifying contract workers' employment status.

Persons: Deel, Stewart Knox, Stephen Padilla, Andreessen Horowitz, Emerson, Alex Bouaziz, Padilla, Dave Cortese, María Elena Durazo, We've, Thomas Lenz Organizations: Labor, Morning, Labor and Workforce Development Agency, Contractors, Senate Labor, Public, Global Employment, University of Southern California Gould School of Law Locations: California, San Francisco, Canada, Australia, France, Germany, Spain, Greece, Brazil, Turkey, India, Pakistan, Hong Kong, Singapore, Philippines, Nigeria

☆ Wall Street Recession: Stock Market Crash Predictions Are Wrong
▼ + stars: | 2023-07-05 | by ( Neil Dutta | ) www.businessinsider.com time to read: +11 min

Wall Street analysts and economists have always had a tendency to fall in love with their forecasts. This stubbornness helps explain why Wall Street is having an exceptionally hard time letting go of the idea that a recession is just around the corner. Despite the year-plus in which analysts have been arguing that a recession is imminent, none of the arguments behind the predictions stand up to scrutiny. Bear growlsOver the past year, Wall Street pessimists' reasons for an approaching recession have shifted. The drag from the US housing market is fading.

Persons: doomsayers, it's, Neil Dutta Organizations: Street, Federal Reserve, Fed, Macro

The yield curve's inversions deepened in June after Fed Chair Jerome Powell indicated that the central bank would likely raise rates two more times this year. Stronger-than-expected economic data on Thursday backed expectations that the Fed will keep interest rates higher for longer. Treasury yields- which move inversely to prices - moved up, with 10-year and two-year yields hitting their highest since March 10 and 9, respectively, while some curve inversions intensified. The spread between one- and 30-year Treasury yields was as wide as 153 basis points on Wednesday, its biggest gap since 1981. Key areas of the U.S. economy, including housing and labor, have proven resilient despite higher rates.

Persons: Jerome Powell, Powell, Janet Rilling, Huw Roberts, Davide Barbuscia, Chuck Mikolajczak, Ira Iosebashvili, Sam Holmes, Aurora Ellis, Nick Zieminski Organizations: YORK, U.S, Treasury, Federal, Allspring Global Investments, Quant, Thomson Locations: U.S

WASHINGTON, June 27 (Reuters) - Over $200 billion from the U.S. government's COVID-19 relief programs were likely stolen, a federal watchdog said on Tuesday, adding that the U.S. Small Business Administration (SBA) had weakened its controls in a rush to disburse the funds. The SBA disputed the more than $200 billion figure put forward by the watchdog and said the inspector general's approach had significantly overestimated fraud. The agency said its experts put the likely fraud estimate at $36 billion and added that over 86% of that likely fraud took place in 2020, when the administration for former President Donald Trump was in office. The fraud estimate put forward by the inspector general for the EIDL program stood at more than $136 billion while the PPP fraud estimate was $64 billion. Earlier this year, a separate watchdog report said the U.S. government likely awarded about $5.4 billion in COVID-19 aid to people with questionable Social Security numbers.

Persons: government's, Donald Trump, Joe Biden, General Merrick Garland, Kevin Chambers, fraudsters, Kanishka Singh, Aurora Ellis Organizations: U.S . Small Business Administration, SBA, Force, U.S . Justice Department, U.S . Labor Department, Social, Thomson Locations: United States, U.S, COVID, Washington

☆ Companies are worried about a recession, but they’re hanging on to employees anyway
▼ + stars: | 2023-06-08 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

Minneapolis CNN —US companies wary about their economic prospects are battening down the hatches. Recent job market data shows more and more businesses have taken to “labor hoarding” and maintaining headcounts even as demand softens. Employees work at CannaCraft's March and Ash retail cannabis store in San Diego's Mission Valley neighborhood. Grey Duck’s sales picture will become clearer in the next three months, Bossen said. “We’re going to do whatever it takes to keep that staff employed and productive, even if things slow down,” he said.

Persons: ”, Dana Peterson, ” Peterson, it’s, Ash, Tiffany Devitt, CannaCraft, Ash CannaCraft, “, Devitt, Stephen Juneau, they’re, Matt Bigelow, Gusset Jean, Bigelow, ‘ Waddle, Rob Bossen, Grey, Eli Nord, Bossen, “ We’re, waddle Organizations: Minneapolis CNN, Conference Board, Conference, Business, CNN, Golden State, of Labor Statistics, Bank of America, Labor, Bureau of Labor Statistics, USA Brands, Gusset Jean Co, Vermont, Company Locations: Minneapolis, ”, headcount, California, Golden, Diego's, CannaCraft, Sonoma County, Juneau, Vermont, Johnson , Vermont, Roseville , Minnesota, China, Roseville

☆ Opinion | The Book I Wish Every Policymaker Would Read
▼ + stars: | 2023-06-06 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +1 min

The New York Times Audio app includes podcasts, narrated articles from the newsroom and other publishers, and exclusive new shows — including this one — which we’re making available to readers for a limited time. Download the audio app here. My pitch for this episode is simple: Jennifer Pahlka has written one of the best policy books I’ve ever read. Over the course of her career, Pahlka has become obsessed with an area of policy that is too often ignored by policymakers: implementation. [You can listen to this episode of “The Ezra Klein Show” on Apple, Spotify, Amazon Music, Google or wherever you get your podcasts.]

Persons: Jennifer Pahlka, Pahlka, Obama, HealthCare.gov, Gavin Newsom, “, Ezra Klein Organizations: New York Times, House, America, Gov, Apple, Spotify, Amazon Music, Google

☆ Stock Market Chaotic New Normal Will Screw Over Wall Street Investors
▼ + stars: | 2023-06-04 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

Wall Street desperately wants the stock market to go back to the good ol' days. In that environment, any idiot — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. In this scenario, the stock market gets choppy. It was a pull-in-case-of-emergency valve that we pulled for so long that now it feels normal to Wall Street. Despite this constant caterwauling from Wall Street, Americans are working, spending, and helping the economy defy doom-and-gloom forecasts.

Persons: Justin Simon, Jasper Capital, that's, hasn't, it'll, Richard Hayne, —, haven't, Joe Weisenthal, Richard Haynes, Torsten Slok, Simon, Linette Lopez Organizations: Street, San Francisco Fed, Fed, Urban Outfitters, Auto, Walmart, Bloomberg, Urban, NASDAQ, Federal, Apollo Global Management Locations: Jasper, Wall Street, American

☆ This is the calamity Washington is trying to avoid with a debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

New York CNN —At long last, the White House and House Republicans have reached a tentative agreement to raise the debt ceiling. Every day that passes without a bill to raise the debt ceiling, the probability of the United States reaching the critical date that it can no longer meet its financial obligations steadily grows. Absent a bill passed by Congress and signed by Biden, Treasury will likely do everything in its power to avoid a debt default. In contrast to debt payments, government payments like Social Security or federal worker salaries aren’t considered debt instruments, so they are less likely to come into play when the agencies rate the United States’ debt. Though prioritizing debt payments might stave off an even-greater economic collapse, the United States may not emerge unscathed.

☆ Premarket: Turkey's big economic gamble looks set to continue
▼ + stars: | 2023-05-19 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

In an exclusive interview with CNN on Thursday, Erdogan promised to continue cutting interest rates to tackle soaring prices if he is re-elected on May 28, my colleague Olesya Dmitracova reports. “Please do follow me in the aftermath of the elections, and you will see that inflation will be going down along with interest rates,” Erdogan told CNN’s Becky Anderson. “I have a thesis that interest rates and inflation, they are directly correlated. As price hikes started to accelerate around the world in late 2021, Erdogan ordered Turkey’s central bank to slash interest rates. The weekly claims attributed to Massachusetts fell by 14,042 on a non-seasonally adjusted basis, representing three-quarters of the decline of 18,605 claims.

☆ US weekly jobless claims fall; labor market still tight
▼ + stars: | 2023-05-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +2 min

Summary Weekly jobless claims drop 22,000 to 242,000Continuing claims decrease 8,000 to 1.799 millionWASHINGTON, May 18 (Reuters) - The number of Americans filing new claims for jobs benefits fell more than expected last week, with applications in Massachusetts decreasing sharply, suggesting the labor market remains tight. The steep decline in weekly unemployment claims reported by the Labor Department on Thursday reversed the surge in the prior week, which had boosted them to the highest level since Oct. 30, 2021. Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 242,000 for the week ended May 13. The labor market is being closely watched for signs of stress from the Federal Reserve's fastest interest rate hiking campaign since the 1980s. Though it has shown some signs of cooling, the labor market has remained tight, with 1.6 job openings for every unemployed person in March, well above the 1.0-1.2 range that is consistent with a jobs market that is not generating too much inflation.

☆ Initial jobless claims increase for fourth consecutive week
▼ + stars: | 2023-05-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The number of first-time claims for weekly jobless benefits fell last week to 242,000, down 22,000 from 264,000 the week before, according to data published Thursday by the Department of Labor. Continuing claims, which are filed by people who have received jobless benefits for more than one week, dipped to 1.799 million for the week ended May 6 from a revised 1.807 million the week prior. The outsized influence of Massachusetts’ claims was an anomaly, BofA economists wrote, noting that the state’s total employment accounts for under 3% of overall US employment, and its initial jobless claims are typically under 3% of all weekly US claims. When excluding and recalculating filings in Massachusetts, initial claims have instead moved “sideways,” pointing to limited layoffs, economists Stephen Juneau and Michael Gapen wrote. Weekly jobless claims remain below historical averages: In the decade before the pandemic, weekly claims averaged 311,000.

☆ Opinion: Mitch McConnell’s confidence is being put to the test
▼ + stars: | 2023-05-14 | by ( Richard Galant | ) edition.cnn.com time to read: +17 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Not to worry, said Senate Minority Leader Mitch McConnell, a veteran of debt limit battles. McConnell’s reassurance that all will work out in the end is validated by history, but that doesn’t mean this time couldn’t be different. “If female voters are key to a Donald Trump victory in 2024, the former president should be in big trouble – but he doesn’t seem to care,” Jill Filipovic observed. “The town hall audience – selected on the basis of their intention to vote in the Republican primary in New Hampshire – appeared to be made up mostly of Trump fans.

☆ Misclassifying employees as gig workers creates 'a race to the bottom' for businesses, Biden's top labor and antitrust regulators say
▼ + stars: | 2023-05-14 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Businesses have an incentive to misclassify workers as contractors to undermine their competitors, according to the DOJ Antitrust Division. It's just the tip of the iceberg when it comes to those called "gig workers" — freelancers, contractors, on-call workers, and temp agency workers, who for decades have increasingly replaced full-time employees as independent contractors. Not so for gig workers. In 2018, 20% of workers were contract workers, and 65% of part-time workers and over half of contract workers went without benefits, according to NPR. "Our goals are the same," Abruzzo said, as NLRB and DOJ Antitrust want to end "misclassification and employment structures that cause vertical constraints on competition."

Rep. George Santos, R-N.Y., was charged by federal prosecutors with an array of crimes, including fraud, theft, money laundering and making false statements. Santos faces a maximum penalty of 20 years in prison for the top charges against him, according to the Justice Department. In forms he filled out for his 2020 campaign, Santos failed to report more than $25,000 in income from the investment firm where he worked, the indictment alleged. In his 2022 campaign, Santos allegedly falsely reported earning $750,000 in salary and between $1 million and $5 million in dividends from his company, the Devolder Organization. A growing number of Santos' fellow Republicans urged him to step down, even before the federal charges against him first came to light.

☆ The George Santos Indictment, Annotated
▼ + stars: | 2023-05-10 | by ( Rebecca Davis O Brien | Michael Gold | ) www.nytimes.com time to read: +1 min

Federal prosecutors unsealed an indictment on Wednesday charging Representative George Santos of New York with 13 counts, including counts of money laundering, stealing public money, wire fraud and making false statements to Congress. 7 counts Wire fraud Related to a fraudulent political contribution solicitation scheme and an unemployment insurance fraud scheme. 3 counts Money laundering Related to the fraudulent political contribution solicitation scheme. 1 count Theft of public funds Related to the unemployment insurance fraud scheme. Read the George Santos Indictment › 20 pages A list of charges against George Santos.

☆ George Santos took unemployment for a year during the COVID pandemic despite having a $120K a year job at an investment firm, feds say
▼ + stars: | 2023-05-10 | by ( Chris Panella | Brent D. Griffiths | Jacob Shamsian | ) www.businessinsider.com time to read: +2 min

GOP Rep. George Santos took unemployment during COVID-19 while working a $120k investment job, prosecutors say. Federal prosecutors allege Santos illegally received unemployment benefits while working at an investment firm. According to court documents, Santos "applied to receive unemployment insurance benefits through the New York State Department of Labor" in June 2020. In his application, Santos "falsely claimed to have been unemployed since the week of March 22, 2020," prosecutors wrote. Santos "certified his continued eligibility for unemployment benefits on a weekly basis" from June 19, 2020, to April 15, 2021, prosecutors alleged.

Here’s what to know about the significance of the charges and what happens next:Three main buckets of chargesThe indictment lays out three main buckets of alleged criminal activity by Santos. The second set of accusations concern Santos’ allegedly false applications for unemployment benefits, resulting in a theft of public money count and two more wire fraud counts. To establish the alleged unemployment fraud scheme, investigators likely have the attestations Santos allegedly made to participate in the public benefits program. The House disclosure documents that Santos allegedly lied on are publicly available documents. There’s also the potential that, instead of a jury trial, Santos seeks a bench trial – i.e.

☆ George Santos was accused of unemployment fraud. The House may vote this week on an unemployment fraud bill that he co-sponsored.
▼ + stars: | 2023-05-10 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Rep. George Santos is being accused of stealing COVID-19 unemployment aid, among other charges. In March, he co-sponsored a bill that incentivizes states to recoup money lost through unemployment fraud. The indictment contains 13 counts of wire fraud, money laundering, and theft of public funds. Two months before his indictment, Santos co-sponsored a bill, along with 34 Republican lawmakers, that incentivizes states to recoup money lost through COVID-19 unemployment fraud. Spokespersons for Santos and Rep. Jason Smith, the lead sponsor of the bill, did not respond to a request for comment.

☆ White House details ‘severe damage’ to the economy if debt ceiling default occurs
▼ + stars: | 2023-05-03 | by ( Kayla Tausche | ) www.cnbc.com time to read: +3 min

US President Joe Biden speaks about the creation of new manufacturing jobs at the Washington Hilton in Washington, DC, April 25, 2023. WASHINGTON — The White House on Wednesday will publish new calculations warning about the potential damage to the U.S. economy and taxpayers should the government fail to raise the nation's debt limit. A protracted default, CEA says, would result in a Great Recession-like doomsday scenario wherein 8.3 million people lose their jobs, and the stock market falls by 45 percent. A brief default would spur 500,000 job losses, leading to a 0.3% rise in unemployment, the CEA argues. "In a breach-induced recession, there would be limited policy options to help buffer the impact on households and businesses," the White House writes in the post.

Government officials, worried about a constrained labor force in a state where population growth has stalled, have taken a cover-the-waterfront approach. After raising starting wages from $17 an hour to around $24 and overhauling hiring strategies, Drees still has 200 open jobs at this and two nearby facilities, where he is hoping to add to current staffing of 1,200. That reshuffling may be one reason the Fed is finding it harder than expected to slow a job market struggling to match workers into open positions. Minnesota has had a particularly large imbalance: The 12-month moving average of available positions last year reached 2.75 for every unemployed person. "Nowadays you look online and there are just hundreds of day-shift job positions," he said.

☆ China's job market tough, especially for college graduates, vice minister says
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 27 (Reuters) - China's job market remains tough, and it is becoming especially hard for college graduates to find jobs, vice Human Resources minister Yu Jiadong said on Thursday. China's cabinet on Wednesday unveiled plans to boost employment, including supporting financial institutions to offer loans to small firms and issuing subsidies to firms that hire college graduates or unemployed young people. "Employment is steady, but under pressure, steady but also worrying, and the employment pressure for young people such as college graduates remains very big," Yu told a news conference. A record 11.58 million college graduates will hit the job market this year, with the economy still feeling the impact from COVID-19 curbs that were removed in late 2022 and a crackdown on tech and education sectors. China's private firms, which account for over 60% of output and 80% of urban employment, have been hit hard by COVID-19 lockdowns and restrictions over the past three years.

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